National Semiconductor reported sales for its fiscal Q1 2009 ended August 24 of $466 million, up 1% from fiscal Q4 and down 1% from fiscal Q1, while fiscal Q1 net income dropped to $80 million, or 33 cents per share, from net income in fiscal Q4 of $83 million, or 34 cents per share.

Fiscal Q1 2009 gross margin of 66% set a new record for National and was up from 65.9% gross margin in fiscal Q4, and was considerably higher than gross margin of 63% reported in fiscal Q1 2008. The company said strength in gross margin continues to be driven by strong manufacturing performance and cost efficiencies as well as improved product mix of higher-value analog products.

“The global energy crisis is a problem that needs solving, and with our leadership position in power management technology, this is our focus for growth. For example, we recently announced our SolarMagic technology, which significantly improves the efficiency of new or existing solar panel installations by recouping lost energy caused by shading or other sub-optimal conditions,” commented Brian L. Halla, chairman and CEO of National, in a statement.

National’s total company bookings in fiscal Q1 2009 were down seasonally by about 7% compared to fiscal Q4 2008, which was seen primarily in the distribution channel, but also was impacted by some truncation of longer-term backlog in the Japan region, which did not have any notable effect on near-term sales trends for that region; however, total company opening 13-week backlog for Q2 was higher than the Q1, the company said. Total company billings exceeded bookings in Q1.

Looking ahead to fiscal Q2 2009, National expects sales in the range of $470 to $480 million with operating expenses expected to increase sequentially to a range of $178 to $183 million primarily due to seasonally higher stock compensation expense and annual employee wage increases that went into effect around the beginning of September.

By: DocMemory
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